College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Question
Chapter 7, Problem 4MC
To determine
Identify the account that must be debited for establishing petty cash fund.
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Students have asked these similar questions
To establish a petty cash fund, which account is debited ?
Petty Cash Fund
Question, When it comes to making payments from the petty cash fund, why isn't there an accounting/journal entry for it? Please Explain.
The type of account and normal balance of Petty Cash is a(n)
Select one:
A. asset, debit
B. revenue, credit
C. liability, credit
D. expense, debit
Chapter 7 Solutions
College Accounting, Chapters 1-27
Ch. 7 - Prob. 1TFCh. 7 - Prob. 2TFCh. 7 - Prob. 3TFCh. 7 - Prob. 4TFCh. 7 - Prob. 5TFCh. 7 - Prob. 1MCCh. 7 - Prob. 2MCCh. 7 - Prob. 3MCCh. 7 - Prob. 4MCCh. 7 - When the cash short and over account has a debit...
Ch. 7 - Match the following words with their definitions...Ch. 7 - Prob. 2CECh. 7 - Prob. 3CECh. 7 - Prob. 4CECh. 7 - Why must a signature card be filled out and signed...Ch. 7 - Prob. 2RQCh. 7 - Prob. 3RQCh. 7 - Prob. 4RQCh. 7 - What are the most common reasons for differences...Ch. 7 - Prob. 6RQCh. 7 - Prob. 7RQCh. 7 - Name five common uses of electronic funds...Ch. 7 - Prob. 9RQCh. 7 - What should be prepared every time a petty cash...Ch. 7 - At what two times should the petty cash fund be...Ch. 7 - Prob. 12RQCh. 7 - At what two times would an entry be made affecting...Ch. 7 - What does a debit balance in the cash short and...Ch. 7 - CHECKING ACCOUNT TERMS Match the following words...Ch. 7 - Prob. 2SEACh. 7 - Prob. 3SEACh. 7 - Prob. 4SEACh. 7 - Prob. 5SEACh. 7 - Prob. 6SEACh. 7 - CASH SHORT AND OVER ENTRIES Based on the following...Ch. 7 - Prob. 8SPACh. 7 - Prob. 9SPACh. 7 - Prob. 10SPACh. 7 - Prob. 11SPACh. 7 - CHECKING ACCOUNT TERMS Match the following words...Ch. 7 - Prob. 2SEBCh. 7 - Prob. 3SEBCh. 7 - Prob. 4SEBCh. 7 - Prob. 5SEBCh. 7 - Prob. 6SEBCh. 7 - CASH SHORT AND OVER ENTRIES Based on the following...Ch. 7 - Prob. 8SPBCh. 7 - Prob. 9SPBCh. 7 - Prob. 10SPBCh. 7 - CASH SHORT AND OVER ENTRIES Listed below are the...Ch. 7 - Prob. 1MYWCh. 7 - Prob. 1MPCh. 7 - Prob. 1CP
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Similar questions
- Which of the following does not explain the differences between the bank statement balance and the customers cash balance? a. Deposit in transit b. Canceled checks c. An NSF check d. Errors e. Interest incomearrow_forwardHow are the cash proceeds determined when a note receivable is transferred?arrow_forwardWhat does a debit balance in the cash short and over account represent? What does a credit balance in this account represent?arrow_forward
- a. Why would a business use a Petty Cash Fund? b. Describe the entry needed to establish a 50 Petty Cash Fund and an entry to reimburse the fund.arrow_forwardat the time of replenishment, why are the totals of individual expenses debited? explain the relationship of the auxiliary petty cash record to the recording of the cash payment explain how cash short and over can be miscellaneous expensearrow_forward2. Which of the following is issued by a company to the responsible staff in order to establish a petty cash fund? a. Cheque payable b. Promissory note c. Demand draft d. Cheque receivablearrow_forward
- Entries are made to the petty cash account when Select one: A. establishing the fund B. recording shortages in the fund C. replenishing the petty cash fund D. making payments out of the fundarrow_forward12. When a petty cash fund is used, which of the following is true? A. Entries that include a credit to the cash account should be recorded at the time the payments from the petty cash fund are made. B. The balance of the petty cash fund should be reported in the statement of financial position as a long-term investment. C. The petty cashier’s summary of petty cash payments serves as a journal entry that is posted to the appropriate general ledger account. D. The reimbursement of the petty cash fund should be credited to the cash account.arrow_forwardWhat is the purpose of setting up a petty cash fund? Select one: O O a. to allow cash for personal use b. to pay for all expenses c. to pay for regular operating expenses d. to pay for small, incidental expensesarrow_forward
- When a petty cash fund is used, which of the following is true? * A. The petty cashier’s summary of petty cash payments serves as a journal entry that is posted to the appropriate general ledger account. B. The reimbursement of the petty cash fund should be credited to the cash account. C. Entries that include a credit to the cash account should be recorded at the time that payments from the petty cash fund are made. D. The balance of the petty cash fund should be reported in the statement of financial position as a long-term investment.arrow_forwardWhen a petty cash fund is first established and reimbursed, the journal entries to record the transactions will debit the cash account. True Falsearrow_forwardWhich one of the following documents is used in the control of cash receipts?a. Purchase requisitionsb. Receiving reportsc. Canceled checks from customersd. Bank deposit slipsarrow_forward
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